Buying a house

[Buckeyestate]

I live in Ohio and have the chance to purchase a home for $10,000.00 cash. The owner is a company in Florida. I checked the auditors office and it has the florida company for 1,200.00 but right above it listed as another company in Utah for 22,000.00 but are the same date and year that the deed was transfered. I'm confused and hoping someone would know what this means. They also offer seller financing.

 

[adjusterjack]

Are you saying that there are TWO owners listed on the most recent deed?

 

[FlyingRon]

Are you saying that there are TWO owners listed on the most recent deed?

The "most recent deed" isn't conclusive in real estate. Unlike cars that have a current title document, real estate deeds grant ownership interest from one party to another and that entire chain is the title.
The key would be to get a title search and an insurance policy to back that up. What sort of deed is the purported "owner" going to offer you?

 

[HRZ]

Absent a title search you may be buying a real can of problems plus unknown unpaid liens and taxes .

TItle insurance from a firm you pick would also be prudent .

You want a general warranty of title from seller, but if there are "problems" ..it's not any to easy to chase a non resident seller to fix problem . A quit claim deed is very risky for you unless you have a lot of homework done by pros on your side .

BE careful of too good to be true deals ...

 

[Buckeyestate]

Heres how its listed at the auditors office. Sale date 3/3/2017 Sale amount $22,000.00 Buyer Norhick Fund llc. conveyance number 291 Deed type WD valid sale Yes... Then the second on the list has this listed. Sale date 3/3/2017 Sale amount $1,500.00 Buyer Orange reo llc Conveyance number 290 Deed type Qc valid sale Yes. The company I spoke to is orange llc which is the company on the list and they are in Florida. Norhick Fund is in Utah. First half of year taxes have been paid. It's commen to buy houses in my area under $20,000.00. My concern is the two businesses listed on the same day as the deed transfers. Hope this makes sense.

 

[adjusterjack]

It doesn't make sense.

I suggest you ask the seller to clarify the issue of two owners.

Consult a real estate attorney if that doesn't resolve.

 

[william10]

Consult a real estate Attorney!!

 

[PayrollHRGuy]

Consult a real estate Attorney!!

Excellent first advice post William. The !! really adds a lot to adjustorjack's advice.

 

[Zigner]

Excellent first advice post William. The !! really adds a lot to adjustorjack's advice.

Fixed it for ya!

 

[FlyingRon]

Two words: Title Search.
Two more important words: Title Insurance.

I would even take a gift of property from my sainted aunt without title insurance.